Tariffs are
A. taxes on imported products
B. predetermined prices planned by several competing companies
C. rules on the amount of products that can be imported
D. extra money paid to officials for favored status
E. illegal in the United States
Answer: (A) Tariffs are taxes on imported products therefore, (A) is the correct choice. Answer (B) describes "price-fixing," an action sometimes taken by companies which is considered illegal in the United States. Quotas are quantities of products that can be moved in or out of a country (C) and is not the correct answer. Extra money paid to officials for favored status is bribery and is illegal in the United States; therefore, (D) is not a correct answer. Tariffs are legal as long as all regulations are followed. (E) is not the correct answer.